UK-based Gensyn AI recently secured $43 million in Series A funding led by a16z crypto. The company wants to enable developers to build AI tools using a flexible pay-as-you-go model.
The funding round saw participation from investors like CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and a group of angel investors.
Gensysn, a U.K.-based company, has developed a protocol that enables developers to create AI systems using smaller data centers, personal computers, and connected hardware, with a pay-on-demand model.
Through its cryptographic verification network, Gensysn eliminates the need for intermediaries and allows users to independently verify the completion of machine learning work shared over the protocol.
Including its most recent funding round, Gensyn has successfully raised over $50 million, and the company has expressed its intention to utilize the new capital to expedite the rollout of its protocol.
Additionally, Gensyn plans to grow its workforce, specifically by hiring more protocol and machine learning engineers, as part of its expansion strategy.
On the same day, the venture capital firm announced its intention to host the upcoming Crypto Startup School accelerator program in the U.K. during the spring of 2024.
The program will focus on nurturing talent, extending support to blockchain clubs, and promoting the development of a curriculum centred around blockchain technology.
“A decentralized Machine Learning Compute Protocol facilitates reduced costs and increased supply, thereby enabling a larger number of AI developers to construct state-of-the-art models.”Harry Grieve, Gensyn AI co-founder commenting to crypto.news.
By actively engaging with academic institutions, a16z seeks to contribute to the growth and advancement of the blockchain ecosystem in the United Kingdom.
Gensyn AI’s announcement comes just a few weeks after reports of AI’s rally, which has propelled the Nasdaq composite index to 23% growth since the beginning of the year.
Among the notable players driving this trend is Nvidia, renowned for its high-end chips that power data centers utilized by the latest generative AI innovations like ChatGPT. With their strong market presence and innovative technology,
Nvidia may become the first chipmaker with a valuation exceeding $1 trillion. This development highlights the increasing impact of decentralized machine learning and blockchain technologies on making the industry more accessible for the widespread population.